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Posted: November 28, 2024
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- Vitalik Buterin donated 320 ETH tokens worth $1.07 million.
- ETH surged by 1.09% over the past 24 hours.
Vitalik Buterin, the founder of Ethereum [ETH], has recently turned to selling memecoins, offloading four different memecoins for a total of 24.5 ETH tokens, valued at $81.8K.
This includes selling 330 billion $LEDOG for 10.96 ETH, 3.03 trillion $DOGC for 10.8 ETH, 19.95 million $99 for 1.58 ETH, and 300 million $VITALIK for 1.14 ETH, as reported by SpotOnChain.
After selling these four memecoins, he made a massive donation to Coin Center by donating 320 ETH tokens worth $1.07 million.
What does it mean for ETH?
Usually, a donation to a Coin Center may have both positive and negative impacts on ETH price charts. Firstly, if the donation to Coin Center is liquidated to fund operations, it could introduce some selling pressure in the market if the size is significant relative to trading volume.
On the other hand, a donation by high-profile individuals such as Buterin could draw attention to Ethereum. This has the potential to establish positive publicity, thus creating a temporary surge in interest and trading activity.
Therefore, the donation so far has not hurt ETH price charts. As such, Ethereum remained in a bullish phase. Thus, the donation if sold has been absorbed by the market and ETH is currently enjoying bullish sentiment.
Source: IntoTheBlock
AMBCrypto observed this bullishness through the market behavior of large holders. According to IntoTheBlock, the whales’ netflow remained positive during this period.
This shows there’s more funds inflow into ETH than outflow. When large holders are purchasing more, it implies accumulation as they anticipate prices to surge.
Source: Coinglass
Additionally, Ethereum’s Open Interest(OI) surged over the past week, hitting an ATH. Coinglass data shows that OI hit a record high of $21.22 billion and settled at $20.8 billion, at press time.
A surge in open interest suggests that investors are opening new positions while holding existing ones.
What next for the altcoin?
As observed above, Buterin’s donation to Coin Center has yet to have a negative impact on ETH price charts. On the contrary, Ethereum investors remain bullish as the bulls attempt to regain the market.
In fact, at press time, Ethereum was trading at $3416. This marked a 1.09% increase over the past day. Equally, the altcoin has gained on weekly charts and monthly charts, hiking by 8.88% to 35.97% respectively.
Read Ethereum’s [ETH] Price Prediction 2024–2025
This sustained uptrend positions the altcoin for more gains. As such, if the bulls regain control while positive sentiment holds, ETH will attempt $3560 where it has faced multiple rejections.
